Ambac Assurance Corp. has added David Salz as a v.p. in its collateralized debt obligation structuring group, says Michael Schoezer, managing director and head of structured finance and credit derivatives. He joins from ABN AMRO, where he was a transactor in the structured capital markets division, reporting to Tom Aylward. He started three weeks ago. At Ambac, Salz will be a transactor for CDOs and related transactions, with a special focus on cash-flow structures, says Schoezer. He will report to Scott Gordon, managing director. Patrick Phalon, a spokesperson at ABN AMRO, says Salz's position will be filled eventually.
The hire is part of Ambac's expansion plan due to increasing demand for financially guaranteed CDOs, says Schoezer. It is the second slot to be filled after the hiring of Evy Adamidou (BW, 9/29).